A company had some pending accounts receivable for which they created an allowance for doubtful...
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Accounting
A company had some pending accounts receivable for which they created an allowance for doubtful accounts. They recorded the journal entry as allowance for doubtful accounts debit $500 and bad debt expense credit $500. How does this error impact revenues, expenses, assets, liabilities, stockholders equity in terms of overstatement, understatement and no-effects
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